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CMHC cuts Ottawa’s dividend payment to boost rental housing development

Move marks significant change in policy aimed at steering capital into supporting new housing projects

The Canada Mortgage and Housing Corporation says it is temporarily reducing dividend payments to the federal government in order to redirect the funds toward supporting the construction of rental housing.

The CMHC revealed in second-quarter results on Aug. 30 that insured volumes for multi-unit rentals had jumped 45 per cent year-over-year to $12.3 billion from $8.5 billion in the same period last year.

To sustain this growth and foster the development of more purpose-built rental housing, CMHC is temporarily reducing its dividend payments to Ottawa. For the second quarter, the reduction amounts to $250 million, marking a significant change in policy aimed at steering capital into supporting new housing projects. …[Continue Reading]

View CMHC’s Q2 results @ CMHC releases results for Q2 2023